While it is true that the Asia Broadband Inc (OTCMKTS:AABB) stock has managed to perform well in the past month, it performed poorly yesterday and tanked by as much as 21% amidst a selloff.
Trading Data
On Tuesday, AABB stock slumped 21.03% to $0.12 with more than 48.97 million shares, compared to its average volume of 26.19 million shares. The stock moved within a range of $0.1190 – 0.1598 after opening trade at $0.1540.
Asia Broadband Launches Mobile App Versions of Proprietary Cryptocurrency Exchange
That being said, it ought to be noted that despite the fall the stock is still up by as much as 33% in the past month. The company was in the news on Tuesday after it announced that it had successfully completed the launch of its AABB Exchange applications. Following the launch the applications had since been made available on mobiles by way of the AABB Wallet App.
It was a major new step for the company considering the fact that it could lead to considerable value creation in the long term. Those who use the wallet can use it for executing buying and selling orders on mobile. That being said, it is perhaps also necessary to note that investors did not seem particularly happy with the news and the stock tanked hard due to the selloff.
At this point in time, it may be a good idea for investors to keep an eye on the stock and watch for any signs of recovery in the coming days.
Technical Data
AABB stock is trading above the 20-Day and 50-Day Moving averages of $0.11 and $0.11 respectively. However, the stock is trading below the 200-Day moving average of $0.33.
